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Business News

The Nigerian Stock Exchange started the week on a negative note

The Nigerian Stock Exchange ended Monday’s trading session in negative territory. The All Share Index closed at 29,809.20 basis points, down 0.29%.

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stock, market, stock market, Nigerian Stock Exchange

The Nigerian Stock Exchange ended Monday’s trading session in negative territory. The All Share Index closed at 29,809.20 basis points, down 0.29%.

Year to date, the index is down 5.16%.

Top Gainers and Losers: Champion Breweries Plc was the best performing stock yesterday. The stock gained 9.86% to close at N1.56. Glaxo Smithkline Consumer Plc also gained 9.63% to close at N10.25. Prestige Assurance Company Plc gained 9.26% to close at N0.59. LASACO Assurance Plc gained 6.90% to close at N0.31. Mutual Benefits Assurance Plc rounded up the top five gainers for Monday by gaining 5.00% to close at N0.21.

On the flip side, Cement Company Northern Nigeria Plc was the worst performing stock, declining by 10% to close at N12.15. NEM Insurance Plc also fell by 10% to close at N2.52. Ecobank Transnational Inc fell by 9.69% to close at N10.25. NPF Microfinance Bank Plc fell by 7.69% to close at N1.20. Dangote Sugar Plc rounds up the top five losers for the day. The stock shed 7.66% to close at N11.45.

[READ MORE: Cadbury highlights plans to create more wealth for shareholders]

Top Trades by Volume: Zenith Bank Plc was the most actively traded stock yesterday. 355 million shares valued at N7.1 billion were traded in 342 deals. Access Bank Plc was next with 35.7 million shares valued at N240 million traded in 174 deals. Lafarge Africa Plc (WAPCO) was next with 32.5million shares valued at N388 million traded in 511 deals. Guaranty Trust Bank Plc was next with 25.8 million shares valued at N802 million traded in 155 deals. LASACO Assurance Plc rounded up the top five most actively traded stocks on Monday with 14.9 million shares valued at N4.6 million traded in 12 deals.

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Corporate Actions

NPF Microfinance Bank Plc released its financial results for the year ended December 31, 2018.

Gross Earnings increased from N3.6 billion in 2017 to N3.9 billion in 2018.

Profit before Tax dipped from N819 million in 2017 to N287 million in 2018.

Profit after Tax also dropped from N631 million in 2017 to N195 million in 2018.

Presco Plc notified the general public of its 26th Annual General Meeting which will be held at The Dura Club, Obaretin Estate, km 22, Benin Sapele road, Ikpoba-Okha L.G.A. Edo State, on July 24, 2019, at 12.00pm.

READ MORE: Buy/Sell/Hold: Fix your eyes on these stocks for next week 

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Energy

Agip shut oil facility in Bayelsa due to oil spillage, environmental pollution reported

Agip on Wednesday confirmed an oil leak, resulting in a shutdown.

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The Nigerian Agip Oil Company (NAOC) has confirmed the shutdown of its Idu oilfields at Egbebiri settlement within Biseni in Yenagoa Local Government Area in Bayelsa, due to an oil spillage.

A Joint Investigative Visit (JIV) report on the incident said that the leakage at the facility could be traced to equipment failure due to a rupture at the wellhead.

According to a report from the News Agency of Nigeria (NAN), Eni, the parent company of NAOC, in a response statement, said the facility was shut down to prevent further damage to the environment.

READ: Shell wants oil spillage case tried in Nigeria, but victims say no 

What Eni is saying

An Eni spokesperson on behalf of the Italian Energy firm, in a statement, said, “As soon as the incident was reported, we activated our oil spill response, shut in the well, and notified government regulatory agencies.

“The Joint Investigation Visit (JIV) was carried out on 09/05/2021, with the participation of community representatives and the government regulatory agencies.

“The event occurred within the Company’s wellhead location which is paved and walled round. There is no significant third-party impact,” Eni stated.

READ: UK court ruling affects acquisition of Shell’s oil block by Governor Wike 

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Environmental Rights Group reports environmental degradation

An environmental rights group, Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), however, said that the incident which discharged crude and associated gas had severely polluted the environment.

The Non-Governmental Organisation said that a visit to the spill site showed pictorial evidence of the crude spreading beyond NAOC’s right of way as nearby vegetation were affected as a result of the crude impact.

The Head of Field Operations at ERA/FoEN, Mr Alagoa Morris, in a field report on the spill said the Idu fields was notorious for frequent spills caused by equipment failure.

He said, “The people of Egbebiri in Biseni kingdom have experienced several oil spills over the years. And all the oil spill incidents documented by the Environmental Rights Action/ Friends of the Earth Nigeria (ERA/FoEN) in this community environment have occurred as a result of equipment failure and on Wellheads.

“ERA/FoEN has had cause to visit the environment of Idu Well 5 and 11 located within the same place in the past and it has always been Idu Well 11 spewing crude oil into the environment.

“Available records from ERA/FoEN indicate that there have been previous oil spills from this particular Idu Well 11 operated by Agip. Before concluding this Field Report, ERA/FoEN confirmed that Joint Investigation Visit (JIV) was carried out on Sunday, 9th May 2021.

“This is why the official Spill Reference No 2021/LAR/028/058 is indicated in this report; sourced from the JIV report. Cause of spill was attributed to equipment failure,” ERA/FoEN stated.

Jaiz bank

The report quoted a resident of the community simply identified as Georgie as saying that the spill incident of May 7 spilled oil from around 10 p.m till about 8 a.m the next day before the leak was stopped adding that the level of damage was enormous.

What you should know

It can be recalled that in a similar circumstance, Shell Petroleum Development Company reported an oil pipeline spillage at its Okordia-Rumekpe 14-inch crude truck line, discharging about 213 barrels of crude oil into the Ikarama community in Bayelsa State and polluting about 1.34 hectares of land.

This new leakage is the latest in a series of oil spillages by the multinational oil exploration and production companies, which has put them in conflict with the host communities.

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Energy

Nigeria records system collapse during holidays

Nigeria’s national electricity grid collapsed on Wednesday morning.

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Abuja, Ikeja Discos top list in collection efficiency in Q1 2020- NERC, Estates in Lekki increase electricity tariff to N105/kWh, Eko Electric, Ikeja and 5 others to face NERC sanction for non-compliance, CBN reveals framework for financing National Mass Metering Programme (NMMP), Nigeria ranks eight African country with well-developed electricity regulatory frameworks, as Uganda tops.

The Nigerian grid has experienced a partial collapse, dealing a blow for stay at home Nigerians during the holidays.

This was confirmed in a statement by the Eko Electricity Distribution Company (EKEDC), as seen by Nairametrics.

What EKEDC is saying about the grid collapse:

“Dear customer, there is a partial system collapse on the National Grid. Our TCN partners are working to restore supply immediately. Please bear with us.”

According to latest reports, partial restoration of power is already occurring across the country.

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